About This Chapter
Statistics, Valuation Models & Finance for Real Estate - Chapter Summary
Fun and engaging, this chapter on statistics, valuation models and finance for real estate reviews how data is grouped and measured. Instructors also go over formulas used for different methods in statistical analysis. After completing the lessons, you should be able to confidently do the following:
- Explain the difference between descriptive and inferential statistics
- Provide examples of ordinal, interval, nominal and ratio measurements
- Describe techniques used for statistical analysis
- Calculate the mean, median, mode, and range of a data set
- Outline how minimums, maximums, and outliers of a data set are calculated
- Explain why automated valuation models are used
- Recall advantages of mass appraisals
Our professional instructors are skilled at helping you absorb important information regarding statistics, valuation models and finance for real estate. You can even skip topics and just focus on the areas where you need the most help. There's also a short quiz provided for each lesson to test your understanding of the concepts in the chapter.
1. Descriptive & Inferential Statistics: Definition, Differences & Examples
Descriptive and inferential statistics each give different insights into the nature of the data gathered. One alone cannot give the whole picture. Together, they provide a powerful tool for both description and prediction.
2. Nominal, Ordinal, Interval & Ratio Measurements: Definition & Examples
Different types of data can be grouped and measured in different ways. In this lesson, you will learn about nominal, ordinal, interval, and ratio measurements.
3. Statistical Analysis: Methods & Techniques
Statistical analysis is the process of collecting and reading data so that one can describe past behavior and characteristics and predict future ones. This lesson will give the definition and formulas of different methods you can use.
4. How to Calculate Mean, Median, Mode & Range
Measures of central tendency can provide valuable information about a set of data. In this lesson, explore how to calculate the mean, median, mode and range of any given data set.
5. Maximums, Minimums & Outliers in a Data Set
When analyzing data sets, the first thing to identify is the maximums, minimums, and outliers. This lesson will help you learn how to identify these important items.
6. Valuation Models: AVM & Mass Appraisals
In this lesson, we will learn about mass appraisals and, more specifically, the AVM method. We will go into detail about the advantages and disadvantages as well.
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Other chapters within the Ohio General Appraiser Exam: Study Guide & Practice course
- Real Property & Property Ownership
- Real Estate Value
- Government Powers in Real Estate
- Surveying Property in Real Estate
- Building Components & Structures
- Liens & Encumbrances in Real Estate
- Rights to Use in Real Estate
- Land & Site Valuation
- Common Real Estate Calculations
- Sales Comparison Approach in Real Estate
- Cost Approach in Real Estate
- Income Approach in Real Estate
- Reconciliation in Real Estate Appraisal
- USPAP Compliance
- Real Estate Appraisal Report Writing